IN THE HIGH COURT OF THE
HONG KONG SPECIAL ADMINISTRATIVE REGION
COURT OF FIRST INSTANCE
BANKRUPCTY PROCEEDINGS NO. 3411 OF 2008
Before: Hon Chung J in Court
Date of Hearing: 11 August 2008
Date of Judgment: 11 August 2008
J U D G M E N T
1. This petition for the debtor’s bankruptcy is based on a judgment made in April 2001. The petitioner claims that the amount unpaidremains at $780,915.01 together with interest of about $524,000.
2. The debtor accepts at today’s hearing that the judgment debt arose out of a mortgage arrangement in which she, together with herhusband, were the registered owners of a residential property.
3. She claims to have little knowledge of the exact amount of the mortgage debt, but alleges that in 2002 she was told by the petitioner’sstaff that the debt then outstanding was only about $200,000.
4. Assuming that were true, when asked if she could repay that undisputed amount, the debtor could only offer to pay half of it; sheoffered to repay the other half by monthly instalments in 8 years’ time.
5. I agree with the petitioner that such an offer is not one which should justify the exercise of my discretion to adjourn or dismissthe petition.
6. Because there is an undisputed debt which the debtor is unable to repay, I conclude that it is appropriate to, and I did, make theusual bankruptcy order with costs.
Mr C S Lucas of Messrs T H Koo & Associates, for the Petitioner
Debtor acts in person and present
Ms Ada Sze of Official Receiver’s office